研报日期：2017-08-23

　　长城汽车(601633)　　Company has expressed interest in the Jeep brand, but things are preliminary　　Great Wall Motor (GWM) has made a clarification announcement in relation tovarious news articles, including Reuter’s, reporting the company’s intention toacquire the Jeep operation from Fiat Chrysler (FCA, FCHA.MI, EUR10.7, Hold)with communications reportedly already established between GWM and FCA.In response, GWM clarifies that:　　GWM has indeed focused attention on FCA and conducted studies onthat company. However, there has been no concrete progress thusfar, and there exist uncertainties about whether GWM will proceedwith such a project;　　GWM has not established contact with the Board of FCA, and therehas been no negotiation with FCA’s officers and no agreement signed.Trading of GWM’s shares will resume on 23 August.　　Deutsche Bank view – sticking to fundamentals when valuing GWM; SellAs mentioned in our commentary earlier on 22 August, while we think theJeep business could be complementary to GWM’s operations given the SUVfocus, a deal is easier said than done. To begin with, while FCA’s CEO has saidin the past that he is open to the idea of having a partner or buyer for thecompany, he has not indicated whether certain brand(s) can be soldseparately.　　There are also potential policy hurdles involved in a cross-border M&A. On theChinese side, a Chinese corporate would need the country’s regulators’approval to make an overseas acquisition, and this could be tough due torecent capital outflow restrictions. On the US side, US regulators’ approval,e.g. from the Committee of Foreign Investment in the US, would also beneeded, and this could get complicated.　　To conclude, we think the chance of GWM buying Jeep is still remote. Wevalue the company based on its current fundamentals, although GMW’s sharesmight be bid up by speculative investors when trading resumes. We have aSell rating on both GWM H shares and GWM A shares, since we think thecompany’s market share i……[Deutsche Bank AG][点击查看PDF原文] 今日最新研究报告

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